An industry group sponsored by the Federal Reserve Bank of New York is pressing the clearing exchanges that bind together much of the financial system for greater openness and standardization, in a bid to boost the overall market stability.

Proposals aimed at making this happen came from a report released Tuesday by the Payments Risk Committee. The panel is made up of banks and the clearing counterparties that link the market. It gathers under the auspices of the central bank.

The recommendations aren’t new regulations–industry participants aren’t obligated to follow what the committee suggests would be the best path forward.

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